Application programing interface for providing financial-product eligibility quotation

ABSTRACT

A system and method for quoting a customer&#39;s eligibility for a financial product are disclosed. According to certain embodiments, the system may include a memory storing instructions. The system may also include a processor configured to execute the instructions to: receive a quotation request from a client device associated with the customer, the quotation request including customer-identifying information; acquire, from a second source, information relating to a level of risk associated with the customer-identifying information; aggregate the customer-identifying information and the information relating to the level of risk; extract a plurality of variables from the aggregated data; determine an eligibility score based on the extracted variables and an eligibility model, the eligibility score indicating a likelihood of being approved for the financial product; and provide the eligibility score to the client device.

BACKGROUND

Customers intending to apply for a credit card (or a loan) often faceuncertainty as to whether they will be approved for the credit card orloan. While it is possible for customers to check their credit scoreswith credit reference agencies, these credit scores do not necessarilycorrespond to the customers' chances of being approved for certaincredit card products. For example, a customer with a near perfect creditscore may still be denied for a credit card if her financial conditiondoes not comply with the specific credit policy of a credit card issuer.

Thus, some financial service providers (e.g., credit card issuers) havestarted to offer quotation services providing a preliminary evaluationof the customer's likelihood of getting approved for a given financialproduct. But these quotation services lack accuracy and do noteffectively reduce the uncertainty surrounding the credit applicationprocess. Current quotation services are often administrated by athird-party service provider relying on summarized versions of thecustomer's credit file. Thus, because the actual credit card applicationis still decided on by the credit card issuer itself, which willconsider the customer's full credit file, the quotation result generatedby the third-party service provider may not match the credit cardissuer's final decision on the credit card application. The limitationon the data availability makes it difficult for current solutions toincrease the accuracy of the quotation.

Further, because of the trouble associated with exactly administeringthe credit policy and obtaining/processing data, the third-party serviceprovider typically encounters difficulty in developing an accuratecomputer model to determine the eligibility for a credit card product.This further contributes to inaccurate quotation results due to the lackof consistency.

In view of the shortcomings and problems with traditional credit cardeligibility quotation services, there is a need for accurately andquickly quoting a customer's eligibility for a credit card product. Thedisclosed methods and systems address one or more of the problems listedabove.

SUMMARY

In the following description, certain aspects and embodiments of thepresent disclosure will become evident. It should be understood that thedisclosure, in its broadest sense, could be practiced without having oneor more features of these aspects and embodiments. It should also beunderstood that these aspects and embodiments are merely exemplary.

The present disclosure provides methods and systems for providingquotation, in a timely fashion, for a customer's eligibility for orlikelihood of being approved for certain financial products, such ascredit card products. The quotation result is in the form of a scorequantitatively measuring the likelihood, and/or a definite “yes” or “no”answer. In particular, the disclosed systems may be implemented as anapplication programing interface, which enables not only a financialservice provider providing the financial products but also anythird-party entity to provide the quotation service. Additional aspectsof the disclosed embodiments are set forth below in this disclosure.

Consistent with the present embodiments, a system for quoting acustomer's eligibility for a financial product is disclosed. Forexample, the system may include a memory storing instructions. Thesystem may also include a processor configured to execute theinstructions to: receive a quotation request from a client deviceassociated with the customer, the quotation request includingcustomer-identifying information; acquire, from a second source,information relating to a level of risk associated with thecustomer-identifying information; aggregate the customer-identifyinginformation and the information relating to the level of risk; extract aplurality of variables from the aggregated data; determine aneligibility score based on the extracted variables and an eligibilitymodel, the eligibility score indicating a likelihood of being approvedfor the financial product; and provide the eligibility score to theclient device.

Consistent with the present embodiments, a computer-implemented methodfor quoting a customer's eligibility for a financial product isdisclosed. For example, the method may include receiving a quotationrequest from a client device associated with the customer, the quotationrequest including customer-identifying information. The method may alsoinclude acquiring, from a second source, information relating to a levelof risk associated with the customer-identifying information. The methodmay also include aggregating the customer-identifying information andthe information relating to the level of risk. The method may alsoinclude extracting a plurality of variables from the aggregated data.The method may also include determining an eligibility score based onthe extracted variables and an eligibility model, the eligibility scoreindicating a likelihood of being approved for the financial product. Themethod may further include providing the eligibility score to the clientdevice.

Consistent with the present embodiments, a non-transitory computerreadable medium is disclosed. For example, the medium may storeinstructions, which when executed, cause at least one processor toperform a method for quoting a customer's eligibility for a financialproduct. The method may include receiving a quotation request from aclient device associated with the customer, the quotation requestincluding customer-identifying information. The method may also includeacquiring, from a second source, information relating to a level of riskassociated with the customer-identifying information. The method mayalso include aggregating the customer-identifying information and theinformation relating to the level of risk. The method may also includeextracting a plurality of variables from the aggregated data. The methodmay also include determining an eligibility score based on the extractedvariables and an eligibility model, the eligibility score indicating alikelihood of being approved for the financial product. The method mayfurther include providing the eligibility score to the client device.

The foregoing general description and the following detailed descriptionare exemplary and explanatory only and are not restrictive of theclaims.

BRIEF DESCRIPTION OF THE DRAWINGS

The accompanying drawings, which are incorporated in and constitute apart of this specification, illustrate several embodiments and, togetherwith the description, serve to explain the disclosed principles. In thedrawings:

FIG. 1 is a block diagram of an exemplary system, consistent withdisclosed embodiments.

FIG. 2 is a block diagram of an exemplary server, consistent withdisclosed embodiments.

FIG. 3 is a block diagram of an exemplary system associated with the useof a real-time application programing interface configured in accordancewith disclosed embodiments for providing credit card eligibilityquotation.

FIG. 4 is a flowchart of an exemplary method for providing quotation ofa customer's eligibility for certain credit card products, consistentwith disclosed embodiments.

FIG. 5 is a flowchart of a method for determining a customer'seligibility for certain credit card products, consistent with disclosedembodiments.

DESCRIPTION OF THE EMBODIMENTS

Reference will now be made in detail to the disclosed embodiments,examples of which are illustrated in the accompanying drawings. Whereverconvenient, the same reference numbers will be used throughout thedrawings to refer to the same or like parts.

Disclosed embodiments include, for example, systems and methods forproviding an application programming interface (“the API”), which may bedeveloped as a web service or mobile application for providing quotationof a customer's eligibility for certain financial products, such ascredit products provided by a financial service provider. The APIenables a quotation result to be generated in a timely fashion, i.e.,within seconds after receiving the customer's request for the quotation.

FIG. 1 is a diagram illustrating an exemplary system 100 for performingone or more operations consistent with the disclosed embodiments.Referring to FIG. 1, system 100 may include a financial service provider110, a financial service system 120, a credit system 130, one or moreclient devices 140, one or more customers 141, and a network 150. Thecomponents and arrangement shown in FIG. 1 is not intended to belimiting to the disclosed embodiment as the components used to implementthe processes and features here may vary. Thus, system 100 may furtherinclude other components that perform or assist in the performance ofone or more processes consistent with the disclosed embodiments.

Financial service provider 110 may be an entity that provides financialservices. For example, financial service provider 110 may be a bank,credit card issuer, or other type of financial service entity thatconfigures, offers, provides, and/or manages financial service accounts,such as credit card accounts, loan accounts, debit card accounts,checking or savings accounts, and/or loyalty accounts. These financialservice accounts and associated financial service account cards may beused by customers 141 to purchase goods and/or services. In someembodiments, financial service provider 110 may include or be associatedwith financial service system 120, which may be configured to performone or more aspects of the disclosed embodiments.

Financial service system 120 may be one or more systems associated withone or more entities, such as financial service provider 110. Consistentwith the present disclosure, financial service system 120 may beconfigured to determine a customer's eligibility for a financialproduct, such as a credit card product, provided by financial serviceprovider 110. In the disclosed embodiments, financial service system 120may be owned and/or directly operated by financial service provider 110to provide quotation about a customer's likelihood of being approved fora credit card. Alternatively, financial service system 120 may bedeveloped and operated by a third-party service provider who isauthorized by financial service provider 110 to perform the quotationaccording to the credit policy of financial service provider 110.

Financial service system 120 may be configured to provide one or morecredit card eligibility quotation tools. For example, the credit cardeligibility quotation tools may allow financial service system 120 toprovide an user interface for a customer to submit a request fordetermining the customer's eligibility for a credit card, receive acompleted quotation request, assess the income, creditworthiness, risk,etc. associated with the customer (with the assistance of credit system130, for example), determine the customer's eligibility for the creditcard products provided by financial service provider 110, identify oneor more credit card products that the customers are eligible for, and/orprovide the quotation result to another component of system 100, such asclient device 140. In some embodiments, when determining that thecustomer is eligible for, i.e., pre-approved for, one or more creditcard products, financial service system 120 may identify one or morecredit card products that the customers are eligible for, and/orprovides these identified, i.e., pre-approved, credit card products toanother component of system 100, such as client device 140. In anexemplary embodiment, financial service system 120 may further include acredit card application tool that allows an eligible customer to submitan application for the pre-approved credit card(s).

Financial service system 120 may include one or more components thatperform processes consistent with the disclosed embodiments. Forexample, financial service system 120 may include one or more computers(e.g., servers, database systems, etc.) configured to execute softwareinstructions programmed to perform aspects of the disclosed embodiments,such as receiving a quotation request from a customer, collecting dataregarding the customer's financial activities, computing an eligibilityscore for certain credit card product, presenting the quotation resultto the customer, etc.

Consistent with disclosed embodiments, financial service system 120 mayinclude other components and infrastructure that enable it to performoperations, processes, and services consistent with disclosedembodiments. In addition, financial service system 120 may be configuredto communicate with other components of system 100 in order to provideone or more of the features described herein.

Credit system 130 may be one or more computer systems associated with athird-party credit reporting entity. For example, credit system 130 maybe individually associated with existing credit bureaus (e.g.,Experian®, Equifax®, Callcredit®, Tans Union®) that maintain creditinformation (e.g., credit reports, credit scores, etc.) in associationwith individuals (e.g., information identifying particular individuals).

In some embodiments, system 100 may be configured to switch amongdifferent credit systems 130 (i.e., different credit bureaus) based onperformance of the credit bureaus, such as response speeds of thebureaus' databases and the comprehensiveness of the credit informationprovided by the bureaus. For example, if a particular credit bureau hasa faster response speed than others, system 100 may select the creditbureau to draw the credit information, so as to improve the overallresponse speed of system 100.

Credit system 130 may include one or more computing systems that areconfigured to perform computer-implemented processes, such as a server,desktop computer, laptop, mobile device with computing ability, etc. Inan exemplary embodiment, credit system 130 may be configured to provideinformation and/or services related to the assessment of risk and/orcreditworthiness of a customer. For example, credit system 130 may beconfigured to receive credit report inquiries from financial servicesystem 120, identify requested credit information, and provide creditreport information to financial service system 120.

In some embodiments, credit system 130 may be configured todifferentiate between a “soft” credit inquiry and a “hard” creditinquiry. For example, credit system 130 may be configured to determinethat a credit inquiry is for eligibility quotation purposes, and thus,is a “soft” credit inquiry. Similarly, credit system 130 may beconfigured to determine that a credit inquiry is related to anapplication for a binding financing agreement, and thus, is a “hard”credit inquiry. For the purposes of this disclosure, a “soft” creditinquiry may be a credit inquiry that is not visible to other lenders, isnot considered when calculating an individual's credit scores, and/orotherwise does not of itself substantively affect an individual's riskprofile and/or creditworthiness. A “hard” credit inquiry may be a creditinquiry that could have an effect on an individual's credit reports,credit scores, risk profile, creditworthiness, etc.

Client device 140 may be one or more computing devices that areconfigured to execute software instructions for performing one or moreoperations consistent with the disclosed embodiments. Client device 140may be a desktop computer, a laptop, a server, a mobile device (e.g.,tablet, smart phone, etc.), embedded system, dedicated hardware system,etc. Client device 140 may include interface hardware (e.g., a displaydevice) included in, or connected to, client device 140 for displayinguser interfaces generated by and/or received from a component of system100. Client device 140 may be used by customer 141 to perform functionsconsistent with disclosed embodiments.

Client device 140 may include one or more processors configured toexecute software instructions stored in memory, such as memory includedin client device 140. Client device 140 may include software that whenexecuted by one or more processors performs known Internet-relatedcommunications and content display processes. For instance, clientdevice 140 may execute browser software that generates and displays userinterfaces including content on interface hardware included in, orconnected to, client device 140.

In some embodiments, client device 140 may be a mobile device thatstores and executes mobile applications (“apps”) that provide financialservice related functions offered by financial service provider 110,such as a mobile banking app for controlling, configuring, and viewinginformation relating to financial accounts, etc., and/or a quotation appthat provides one or more of the credit card eligibility quotation toolsdisclosed herein.

Network 150 may be any type of network that facilitates communicationsand data transfer between components of system 100, such as, forexample, financial service system 120, credit system 130, and clientdevice(s) 140. Network 150 may be a Local Area Network (LAN), a WideArea Network (WAN), such as the Internet, and may be a single network ora combination of networks. Further, network 150 may reflect a singletype of network or a combination of different types of networks, such asthe Internet and public exchange networks for wireline and/or wirelesscommunications. Network 150 may utilize cloud computing technologiesthat are familiar in the marketplace. Network 150 is not limited to theabove examples and system 100 may implement any type of network thatallows the entities (shown and not shown) included in FIG. 1 to exchangedata and information.

FIG. 2 depicts a server 200, consistent with disclosed embodiments. Inan exemplary embodiment, financial service system 120 may include server200. Server 200 may be one or more computing devices configured toexecute software instructions stored in memory to perform one or moreprocesses consistent with the disclosed embodiments. For example, server200 may include one or more memory devices storing data and softwareinstructions and one or more processor configured to use the data andexecute the software instructions to perform server-based functions andoperations known to those skilled in the art. Server 200 may beconfigured to execute stored software instructions to implement the APIfor providing credit card eligibility quotation service in a mannerconsistent with the disclosed embodiments.

It should be understood, however, that although server 200 may bedepicted and described herein as a component of financial service system120 for ease of discussion, a server 200 or variations thereof may beused alternatively or additionally by credit system 130, client device140, and/or other components of system 100 (shown and not shown) toperform processes consistent with disclosed embodiments.

In one embodiment, server 200 may include one or more processors 210,one or more input/output (I/O) devices 220, and one or more memories230. According to some embodiments, server 200 may comprise webserver(s) or similar computing devices that generate, maintain, andprovide web site(s) consistent with disclosed embodiments. Server 200may be standalone, or it may be part of a subsystem, which may be partof a larger system. For example, server 200 may represent distributedservers that are remotely located and communicate over a network (e.g.,network 150) or a dedicated network, such as a LAN.

Processor 210 may include one or more known processing devices, such asa microprocessor from the Pentium™ or Xeon™ family manufactured byIntel™, the Turion™ family manufactured by AMD™, or any of variousprocessors manufactured by Sun Microsystems. The disclosed embodimentsare not limited to any type of processor(s) configured in server 200.

I/O devices 220 may be one or more devices configured to allow data tobe received and/or transmitted by server 200. I/O devices 220 mayinclude one or more user I/O devices and/or components, such as thoseassociated with a keyboard, mouse, touchscreen, display, etc. I/Odevices 220 may also include one or more digital and/or analogcommunication devices that allow server 200 to communicate with othermachines and devices, such as other components of system 100. I/Odevices 220 may also include interface hardware configured to receiveinput information and/or display or otherwise provide outputinformation. For example, I/O devices 220 may include a monitorconfigured to display a user interface.

Memory 230 may include one or more storage devices configured to storeinstructions used by processor 210 to perform functions related todisclosed embodiments. For example, memory 230 may be configured withone or more software instructions associated with programs and/or data.Memory 230 may include a single program that performs the functions ofthe server 200, or multiple programs. Additionally, processor 210 mayexecute one or more programs located remotely from server 200. Forexample, financial service system 120, credit system 130, and/or clientdevice 140, may, via server 200, access one or more remote programsthat, when executed, perform functions related to disclosed embodiments.Memory 230 may also store data that may reflect any type of informationin any format that the system may use to perform operations consistentwith the disclosed embodiments.

Server 200 may also be communicatively connected to one or moredatabases 240. For example, server 200 may be communicatively connectedto database 240 through network 150. Database 240 may include one ormore memory devices that store information and are accessed and/ormanaged through server 200. By way of example, database 240 may includeOracle™ databases, Sybase™ databases, or other relational databases ornon-relational databases, such as Hadoop sequence files, HBase, orCassandra. The databases or other files may include, for example, dataand information related to the source and destination of a networkrequest, the data contained in the request, etc. Systems and methods ofdisclosed embodiments, however, are not limited to separate databases.In one aspect, server 200 may include database 240. Alternatively,database 240 may be located remotely from the server 200. Database 240may include computing components (e.g., database management system,database server, etc.) configured to receive and process requests fordata stored in memory devices of database 240 and to provide data fromdatabase 240.

As explained, the disclosed embodiments include methods and systems forproviding an API for determining a customer's eligibility for creditcard products in a timely fashion. FIG. 3 is a block diagramillustrating a system 300 associated with the use of a real-time APIconfigured in accordance with disclosed embodiments for providing creditcard eligibility quotation. The operations and functions of system 300are similar to those of system 100 (FIG. 1), with the modulesillustrated in FIG. 3 (as well as other modules not necessarilyillustrated in FIG. 3) being implemented in the form of an API. The APIis a set of protocols for requesting and processing information relatedto credit card eligibility determination. For example, referring to FIG.3, quotation search service 121, partner quotation service 122,application service 123, decision service 124, and bureau service 125are part of a real-time API platform configured to perform operationsconsistent with disclosed embodiments. The real-time API platformenables hardware (such as a mobile device, computer, electroniccomponents, or the like), firmware (such as ROM or other hard-wiredlogic components, or the like), and software (such as operating systems,application programs, or the like) to all interact with one another.

Referring to FIG. 3, the exemplary implementation may involve operationsperformed by one or more components of a system consistent withdisclosed embodiments. In one aspect, financial service provider 110 mayprovide, via, e.g., a website or a mobile app operated by financialservice provider 110, a quotation request interface 111 for a customerto submit a quotation request and enter information used for determiningcredit card eligibility. In some embodiments, the quotation request maybe submitted as part of a credit card application process, and theinformation provided by the customer for applying a credit card is usedto facilitate the eligibility determination. Accordingly, in theseembodiments, quotation request interface 111 may be implemented as acredit card application interface 111 for receiving a customer'sapplication for a credit card. The collected quotation request may betransmitted to financial service platform 120, or more specifically themodule of quotation search service 121, to initiate the eligibilitydetermination process.

In some embodiments, financial service provider 110 may also collaboratewith a partner website (e.g., www.moneysupermarket.com) and/or app 160to solicit a quotation request and/or an application for a credit cardproduct provided by financial service provider 110. Partner website/app160 may transmit the collected quotation request and/or application tofinancial service provider 110, who then relays the informationregarding the quotation to quotation search service 121. Alternativelyor additionally, partner website/app 160, via a gateway 161, may providethe collected quotation request directly to financial service system120, or more specifically, the module of partner quotation service 122,which then relays the information regarding the quotation to quotationsearch service 121.

After receiving the quotation request, quotation search service 121 mayquery internal databases of financial service provider 110 to determinewhether the customer already has an existing credit card application orfinancial service account with financial service provide 110. Forexample, such internal databases may include application database 129configured to store credit card applications or account database 173configured to store financial account information. As illustrated inFIG. 3, quotation search engine 121 may access application database 129via application service 123, to draw the application information. Ifquotation search service 121 determines that the customer currently hasan active credit card application, quotation search service 121 maydecline the quotation request to avoid creating interference in theapplication process. As another example, if the quotation request issubmitted by an existing customer of financial service provider 110,quotation search service 121 may determine whether the customer'sexisting account(s) is in good standing. If the existing account(s) isnot in good standing or has associated with fraudulent activities,quotation search service 121 may decline the quotation request orconclude the customer is not eligible for any credit card product.

If quotation search service 121 does not conclude that the quotationrequest should be declined or the customer is unqualified for any creditcard product, quotation search service 121 may further query quotationdatabase 127 to determine whether a quotation has been conducted for thecustomer recently, e.g., within the last month or week. Quotationdatabase 127 is configured to store data related to previously performedquotations, including customer information, quotation requests,quotation results, credit bureau data, etc.

If another quotation has been performed for the customer within apredetermined time frame (e.g., a month prior to the current quotationrequest), quotation search service 121 may determine data related to thepast quotation can be used as the basis for performing the currentquotation and submit the data to decision service 124. This is because acustomer's credit history, including credit bureau data, usually doesnot change much during one month. Moreover, continuing to using theinformation as first provided may prevent a customer from cheating thesystem by artificially adjusting the provided information, e.g.,increasing the stated income after finding the previously entered incomevalue is treated by the system unfavorably.

If no quotation has been performed for the customer in the predeterminedshort time frame, quotation search service 121 may determine that system300 does not contain credit bureau data usable for performing thecurrent quotation. Accordingly, quotation search service 121 may contactbureau service 125 to retrieve the customer's credit information (e.g.,credit report, credit score, etc.) from credit bureau 141. Credit bureau141 includes database(s) maintained by one or more credit bureaus, suchas xperian®, Equifax®, Callcredit®, and is part of credit system 130(FIG. 1). Bureau service 125 may return the retrieved credit bureau datato quotation search service 121, which then submit the credit bureaudata to decision service 124 for further processing. Alternatively,bureau service 125 may return the retrieved credit bureau data directlyto decision service 124.

Decision service 124 is configured to aggregate the quotation request(including the customer information), credit bureau data, and otherinformation for performing the quotation. For example, as illustrated inFIG. 3, account database 173 may store information regarding historicaland current financial accounts held by the customer. These financialaccounts may be provided by financial service provider 110 and/or otherfinancial institutions. Decision service 124 may access account database173 to collect the account information. Decision service 124 is furtherconfigured to parse and analyze the aggregated data. Decision service124 may then submit the aggregated data to decision engine 126 forcomputing a score (hereinafter referred to as “eligibility score”)indicative of the customer's likelihood of being approved for one ormore credit card products.

Decision engine 126 may be implemented in software, hardware, firmware,a mix of any of those, or the like. Decision engine 126 may beconfigured to use, for example, a text mining algorithm to extract aplurality of variables from the aggregated data. Decision engine 126 mayalso be configured to use the variables to compute the eligibility scorebased on an eligibility model. The eligibility model may be productspecific. That is, different models may be used to compute eligibilityscores associated with different credit card products. Decision engine126 may be further configured to, based on the eligibility score, reacha decision as to whether the customer is eligible for certain creditcard products. In one embodiment, the eligibility score may have a scoreof 10. When the eligibility score is above a predetermined threshold(e.g., 8), decision engine 126 may conclude that the customer iseligible for certain credit card products. Otherwise, decision engine126 may conclude that customer is not eligible for the credit cardproducts.

Decision engine 126 may return the decision on the eligibility to thecustomer via a client device, e.g., client device 140 (not shown in FIG.3). In some embodiments, if the customer is determined to be eligiblefor a credit card product, decision engine 126 may also transmit thedecision to application processing server 128 for processing anapplication associated with the pre-approved credit card.

In some embodiments, financial service provider 110 may submit theapplications for credit cards, received directly from customers orreceived via partner website/app 160, to application service 123, whichrelays the applications to application processing server 128 for furtherprocessing. Similar to the above-described quotation process,application processing server 128 may also access the credit bureau 141via bureau service 125. But the credit bureau data inquiry initiated byapplication processing server 128 is a “hard” inquiry, which may affecta customer's credit history, whereas the credit bureau data inquiryinitiated by quotation search service 121 is a “soft” inquiry, whichdoes not affect a customer's credit history.

The above-described real-time API employed by system 300 is capable ofrequesting and processing the complex credit bureau data and proprietarydata of financial service provider 110 to generate a definite decision,i.e., “yes” or “no,” on a customer's eligibility for certain credit cardproducts. As illustrated in FIG. 3, quotation data base 127, applicationdatabase 129, and credit bureau 141 may communicate with a dynamic dataenvironment (DDE) 170 that provides abundance of data for determiningcustomers' eligibility for credit card products. For example, DDE 170may include a credit card processing platform 171, e.g., TS2 offered byTotal System Services Inc. (TSYS). Credit card processing platform 171may be configured to provide a full range of credit card processingservices, from credit approval to production and mailing of cards, toauthorizing domestic and international purchases, preparation andmailing of billing statements, and customer service support, as well asmerchant accounting and other merchant support services. Credit cardprocessing platform 171 may upload daily the credit card transactiondata to teradata 172, which is a database for storing and organizing thedata related to credit card products operated by financial serviceprovider 110. Credit card processing platform 171 may also provide thecredit card transaction data to account database 173 via DDE 170.

Teradata 172 may also store information received from sources other thancredit card processing platform 171, including any type of lenders,borrowers, brokers, and/or other information sources. For example,teradata 172 may store information received from county property or taxrecords, Department of Commerce, Bureau of Labor statistics, IRSstatistics on income, etc.

System 300 may use the data stored in teradata 172 to perform thequotation of customers' eligibility for credit card products. Forexample, the data stored in teradata 172 may be used to analyzecustomers' credit card usage behavior with their credit worthiness. Suchanalysis result may be used to construct, refine, and correct theeligibility models employed by decision engine 126, so as to improve theaccuracy of the eligibility quotation.

Next, methods consistent with the disclosed embodiments will bedescribed in connection with system 100. FIG. 4 is a flowchart of anexemplary method 400 for providing quotation of a customer's eligibilityfor certain credit card products. In one embodiment, financial servicesystem 120 may perform one or more of the steps of method 300 to providea credit card eligibility quotation tool to client device 140. Throughsuch a tool, financial service system 120 may provide client device 140with a customer's likelihood of being approved for a credit card productor any other type of loan products. In exemplary embodiments, thelikelihood may be presented to client device 140 as a quantitativescore, or a descriptive phrase such as “yes” or “no.”

In step 410, financial service system 120 may receive a quotationrequest for the likelihood of being approved for a credit card product.Financial service system 120 may receive the quotation request fromclient device 140 associated with a customer. The quotation request mayinclude any information that initiates a quotation process. In oneexample, financial service system 120 may provide an advertisement ornotice to client device 140, which client device 140 may display (e.g.,via a web browser, mobile app, etc.). The advertisement or notice maydescribe the quotation process. Client device 140 may receive input(e.g., from a customer) indicating that the customer wants to initiatethe quotation process. Client device 140 may create a correspondingquotation request and send the request to financial service system 120.

In step 420, financial service system 120 may provide a quotationrequest interface. For example, financial service system 120 may providea quotation request interface to client device 140. Client device 140may display the quotation request interface using display hardware. Thequotation request interface may include, for example, a fillable formwith one or more prompts for requested information. The requestedinformation may include information identifying a customer that isseeking quotation. For example, the requested information may include atleast customer name and residential address, and may also include otheridentifying information, such as date of birth, social security number,driver's license number, email address, phone number, etc. The requestedinformation may also include the customer's employment condition,including but not limited to employment status, current occupation,yearly/monthly income, etc. The quotation request form may furtherpresent one of more key questions for the customer to answer, such asquestions related to the customer's financial needs. For example, thecustomer may be requested to answer whether she is interested in animmediate cash advance. In some embodiments, the requested informationmay include information identifying a financial account held by thecustomer and maintained by, for example, financial service provider 110.For example, the requested information may include an account number,card number, pin number, etc., which may allow financial service system120 to identify a corresponding financial account and determinecustomer-identifying information (e.g., based on information associatedwith the corresponding financial account).

In step 430, financial service system 120 may receive a completedquotation request. Financial service system 120 may receive thecompleted quotation request from client device 140. In one example, thecustomer may provide input to client device 140, the input including therequested information. In other words, the customer may operate clientdevice 140 to fill out the quotation request form. Client device 140 maysend the completed quotation request to financial service system 120.

In step 440, financial service system 120 may determine the customer'slikelihood of being approved for a credit card product. Financialservice system 120 may determine the likelihood based on data collectedfrom a variety of sources, including the requested information from thecompleted quotation request form, credit reports and credit scoresprovided by one or more credit bureaus, information regarding existingfinancial accounts held by the customer, information regarding pendingor recent credit card applications submitted by the customer, etc. Thelikelihood may be expressed as an eligibility score, e.g., in a scale of10. The eligibility score may be configured to be proportional to thelikelihood of being approved for a credit card product. The higher thescore is, the more likely the customer is approved for a credit cardproduct. In one embodiment, a threshold may be predetermined such thatwhen the eligibility score is above the threshold, financial servicesystem 120 may conclude that the customer is likely to be approved forone or more credit card products.

In some embodiments, when the customer is determined to be eligible forcredit card products provided by financial service provider 110,financial service system 120 may further identify one or morepre-approved credit card products for the customer and configure theterms of the pre-approved credit card products. For example, financialservice system 120 may determine the credit limit (e.g., up to $4,000,up to $20,000, etc.), a cash advance limit, and an interest rate orrange of interest rates for the credit card product (e.g., 20.9% APR,13.25-18.75% APR, etc.). Financial service system 120 may use a creditpolicy and pricing program administrated by financial service provider110 to determine the pre-approved credit card product. For example,financial service system 120 may use credit information and one or morerisk assessment tools to determine acceptable terms of a credit cardproduct for the customer.

In an exemplary embodiment, a pre-approved credit card offer may be anoffer that reflects the willingness of financial service provider 110 toprovide the credit, should the terms of the pre-approved credit cardoffer be accepted by the customer. Consistent with disclosedembodiments, however, the credit card offer may be pre-approved in thatthe customer has not actually applied for a credit card and has onlyinquired into such a credit card. In this way, the customer's inquirywill not negatively affect the customer's credit history reports andscores. According to the typical credit reporting practices,applications for a binding credit card agreement can be added to creditreports and considered in credit scores, while inquiries forpre-approval are not. In order to allow the customer to rely on thepre-approved offer, however, financial service system 120 may beconfigured to honor the terms of the pre-approved offer should thecustomer accept the terms and submit a completed credit cardapplication.

In step 450, financial service system 120 may provide the quotationresult. For example, financial service system 120 may provide thequotation result to client device 140. Client device 140 may display thequotation result using display hardware. In some embodiments, thequotation result may be presented as the determined eligibility score,with an accompanying message explaining the correspondence between theeligibility score and likelihood of being approved for a credit cardproduct provided by financial service provider 110.

When the customer is determined to be eligible for one or morepre-approved credit card products, the quotation result may alsorecommend one or more of the pre-approved credit card product for thecustomer to apply. Client device 140 may display the terms of therecommended credit card product and provide a link to apply for therecommended credit card product. Should the customer choose to apply forthe pre-approved credit card product, financial service system 120 mayprepopulate the application form with information (e.g., name, address,social security number, etc.) supplied by the customer during thequotation stage, so as to save the customer's work.

When it is determined that the customer is not eligible for any creditcard product, financial service system 120 may provide information toclient device 140 indicating that the customer is not eligible for acredit card product or loan. In some embodiments, the information mayinclude the reasons for the non-eligibility. For example, if customersubmitted false information in the quotation request, financial servicesystem 120 may instruct client device 140 to display the followingmessage: “We can't lend to you because the information you have givendoesn't match the information with the credit reference agencies.”

FIG. 5 is a flowchart of an exemplary method 500 for determining acustomer's eligibility for certain credit card products, consistent withdisclosed embodiments. In some embodiments, financial service system 120may perform one or more of the steps of method 500 to determine acustomer's eligibility for, or likelihood of being approved for, certaincredit card products provided by financial service provider 110. In thisway, method 500 may correspond to an exemplary embodiment of step of 440of method 400.

In certain aspects, method 500 may include steps that provide aneligibility score or a “yes” or “no” decision on the customer'squotation, so as to eliminate the uncertainty over being approved for acredit card. Moreover, method 500 may include steps that allow financialservice system 120 to access the risk, creditworthiness, etc. of acustomer and make an eligibility determination based thereon, whilemaintaining the credit history status of a quotation inquiry. In thisway, financial service system 120 can perform the quotation withoutrisking adversely affecting the customer's history.

In step 510, financial service system 120 may parse and analyze the dataentered by the customer in the quotation request form. For example,financial service system 120 may use a text mining algorithm to analyzethe customer-entered information. For example, financial service system120 may clean, format, and consolidate the customer-entered data so thatthe data is easier to manipulate. The customer-entered data may havetypographical errors, abbreviations, synonyms, near homonyms, symbols(or lack of symbols), or other errors that make consolidating the datadifficult. Words may be expanded to remove abbreviations based on listsof abbreviations, expansions, and substitutions in order to substitutethe complete word for the abbreviated word. In certain embodiments, alist of stop words (i.e., words that do not add special meaning such as“and,” “the,” etc.) and/or a list of special characters and punctuation(e.g., #, $, %) may be used to remove stop words and special charactersfrom the data (e.g., to change 11,000.00″ to “1000”). Alternatively, alist of special characters and punctuation may be used to add specialcharacters from the data (e.g., to convert “1000” to 11,000.00″). One ormore dictionaries may also be used to check the spelling of words in thedata, replacing the misspellings with correctly spelled words. Naturallanguage processing or other processing may also be used to group datawithin certain criteria (e.g., to convert “st.” into “street”).

In step 520, financial service system 120 may send a “soft” request tocredit system 130. For example, financial service system 120 maytransmit customer-identifying information to one or more credit systems130 as part of a “soft” inquiry for credit history information (e.g.,credit reports and/or credit scores). In an exemplary embodiment, therequest may include information identifying the request as a “soft”inquiry. For example, the request may include, in addition to thecustomer identifying information, a reference code that indicates therequest is for quotation purpose and is not a full credit search. Thereference code may indicate that the request is part of a quotationprocess, and thus, is not to have an effect on the customer's credithistory.

In some embodiments, financial service system 120 may switch amongdifferent credit systems 130 (i.e., credit bureaus) based on performanceof the credit systems 130. For example, if a credit bureau responds tocredit information inquiries particularly fast during an identified timewindow of a day, financial service system 120 may send the inquiries tothis credit bureau during the identified time window, and to otherbureaus during other time.

In step 530, financial service system 120 may receive credit report(s)from credit system 130. Financial service system 120 may receive thecredit report(s) in response to the request sent to the credit system130 in step 520. The received credit reports may include any and allcredit information that is stored by credit system 130 and which mayallow financial service system 120 to assess the risk andcreditworthiness of the customer. That is, the credit report(s) mayinclude all of the information that would be provided in response to afinal credit card application, even though the request sent to creditsystem 130 was a “soft” request. In this way, financial service system120 can rely on the information in the credit reports to the same degreeas if it were credit report information provided in response to a finalcredit card application.

In step 540, financial service system 120 may retrieve data regardingthe customer's financial activities from internal data sources offinancial service provider 110. For example, if the customer hasexisting financial accounts with financial service provider 110,financial service system 120 may collect records showing the accountactivities. For another example, if the customer has a pending creditcard application with financial service provider 110, financial servicesystem 120 may collect information submitted by the customer during thatapplication.

In step 550, financial service system 120 may aggregate the datacollected from various sources, including but not limited to the dataentered by the customer in the quotation request form, the creditreport(s), and relevant data internally maintained by financial serviceprovider 110.

In step 560, financial service system 120 may extract variables from theaggregated data, based on an eligibility model. The eligibility modelmay use as many variables as possible, e.g., 20,000 variables. Eachvariable may reflect an aspect of the creditworthiness or riskassociated with the customer.

In one embodiment, financial service system 120 may extract a pluralityof variables representing: the customer's stated income; the customer'soccupation and the years of experience in that occupation; an estimatedvalue (or appraisal) for the customer's property (i.e., the customer'scurrent property and/or a property being mortgaged); and the propertytype (e.g., a condominium, a town house, a single family home, a 2-4unit dwelling, or a multifamily dwelling).

In one embodiment, financial service system 120 may extract a pluralityof variables representing: the customer's credit worthiness, such ascredit scores, credit history, delinquencies, outstanding balances onloans, and loan limits a median price (or appraisal) for propertieswithin a region or, alternatively, an estimated price for the customer'sproperty.

In one embodiment, financial service system 120 may extract a pluralityof variables representing demographic information, such as incomeestimates (or statistics) based on the customer's occupation,experience, and region, such as a street address, neighborhood, city,state, etc.

In one embodiment, financial service system 120 may extract a pluralityof variables representing inconsistencies, mismatches, or red flagsdetected in information entered by the customer in the quotation requestform. For example, if the customer provided her employment status asemployed but did not provided an occupation, based on historical data,such phenomenon may suggest that the customer does not have a stable jobor takes multiple low-paying jobs. Accordingly, financial service system120 may use one or more variables to indicate that the customer has ahigh probability of default.

In one embodiment, financial service system 120 may extract a pluralityof variables representing the customer's other financial accounts and/orcredit card applications associated with financial service provider 110.For example, if the customer already has a checking account withfinancial service provider 110 and the checking account historyindicates that the customer constantly maintains a direct deposit to thechecking account, financial service system 120 may use a variable toindicate that the customer has a low risk of default because she has asteady flow of income. For another example, if the customer has anothercredit card application pending in front of financial service provider110, financial service system 120 may use a variable to indicate thatthe customer should be placed in a high risk group of people, because itis usually not desirable to approve multiple credit card applicationsfrom the same customer during a short time period.

In step 570, financial service system 120 may compute an eligibilityscore based on the extracted variables and an eligibility model.Specifically, financial service system 120 may feed the extractedvariables to the eligibility model to compute an eligibility score.Financial service system 120 may further use the eligibility score todetermine whether the customer is likely to be approved for certaincredit card products.

The eligibility model is constructed based on the credit policy offinancial service provider 110. In some embodiments, differenteligibility models may be used for different credit card products. Thisis because different credit card products are designed for people withdifferent creditworthiness or credit risks. A customer may be eligiblefor one credit card product while unqualified for another credit cardproduct. Accordingly, financial service system 120 may compute multipleeligibility scores, indicating the customer's eligibility for differentcredit card products.

The foregoing description has been presented for purposes ofillustration. It is not exhaustive and is not limited to the preciseforms or embodiments disclosed. Modifications and adaptations of theembodiments will be apparent from consideration of the specification andpractice of the disclosed embodiments. For example, the describedimplementations include hardware and software, but systems and methodsconsistent with the present disclosure can be implemented as hardwarealone.

Computer programs based on the written description and methods of thisspecification are within the skill of a software developer. The variousprograms or program modules can be created using a variety ofprogramming techniques. For example, program sections or program modulescan be designed in or by means of Java, C, C++, assembly language,Python, or any such programming languages. One or more of such softwaresections or modules can be integrated into a computer system,non-transitory computer-readable media, or existing communicationssoftware.

Moreover, while illustrative embodiments have been described herein, thescope includes any and all embodiments having equivalent elements,modifications, omissions, combinations (for example, of aspects acrossvarious embodiments), adaptations or alterations based on the presentdisclosure. The elements in the claims are to be interpreted broadlybased on the language employed in the claims and not limited to examplesdescribed in the present specification or during the prosecution of theapplication, which examples are to be construed as non-exclusive.Further, the steps of the disclosed methods can be modified in anymanner, including by reordering steps or inserting or deleting steps. Itis intended, therefore, that the specification and examples beconsidered as exemplary only, with a true scope and spirit beingindicated by the following claims and their full scope of equivalents.

1-20. (canceled)
 21. A system for quoting a customer's eligibility for afinancial product, the system comprising: one or more memories storinginstructions; and one or more processors configured to execute theinstructions to perform operations comprising: providing an interfacefor the customer to request a first quotation for a plurality offinancial products; receiving a first quotation request via theinterface; obtaining customer data related to the first quotationrequest, the customer data comprising information of the customerreceived from a credit bureau service; selecting one of a plurality ofeligibility models, the eligibility models corresponding to thefinancial products; determining an eligibility score based on thecustomer data and the selected eligibility model, the eligibility scoreindicating a likelihood of being approved for a first one of thefinancial products; and when the eligibility score is above apredetermined threshold: indicating that the customer is eligible forthe first one of the financial products.
 22. The system of claim 21, theoperations further comprising: determining that a request for a secondquotation, requested before the first quotation, has been performed forthe customer within a predetermined time frame; and when the secondquotation request has been performed for the customer within thepredetermined time frame: obtaining a second eligibility score, thesecond eligibility score being associated with the second quotationrequest; using the second eligibility score as the first eligibilityscore to determine whether the customer is eligible for the first one ofthe financial products.
 23. The system of claim 21, wherein: thequotation request comprises customer-identifying information; and theoperations further comprise parsing the customer-identifying informationusing a text-mining algorithm.
 24. The system of claim 23, theoperations further comprising: aggregating the customer-identifyinginformation and the customer data to form first aggregated data; whereindetermining the eligibility score is based on the first aggregated dataand the selected eligibility model.
 25. The system of claim 23, whereinthe customer-identifying information comprises at least one of: a nameof the customer; date of birth of the customer; an email address of thecustomer; a residential address of the customer; or answers of thecustomer to one or more questions presented by the processor.
 26. Thesystem according to claim 21, wherein: the credit bureau service isselected from a plurality of credit bureau services, the selecting beingbased on at least one of: response speeds of the credit bureau services;or levels of credit information of the credit bureau services.
 27. Thesystem according to claim 21, the operations further comprising:acquiring account data relating to one or more financial serviceaccounts held by the customer.
 28. The system according to claim 27, theoperations further comprising: aggregating the account data and thecustomer data to form second aggregated data; and wherein determiningthe eligibility score is based on the second aggregated data and theselected eligibility model.
 29. The system according to claim 21, theoperations further comprising: acquiring risk information related to alevel of risk associated with the customer.
 30. The system according toclaim 29, the operations further comprising: aggregate the riskinformation the data related to the quotation request to form thirdaggregated data; wherein determining the eligibility score is based onthe third aggregated data and the selected eligibility model.
 31. Acomputer-implemented method for quoting a customer's eligibility for afinancial product, the method comprising: providing an interface for thecustomer to request a first quotation for a plurality of financialproducts; receiving a first quotation request via the interface;obtaining customer data related to the first quotation request, thecustomer data comprising information of the customer received from acredit bureau service; obtaining an eligibility score, the eligibilityscore being based on the customer data and an eligibility modelcorresponding to a first one of the financial products, the eligibilityscore indicating a likelihood of being approved for the first one of thefinancial products; and when the eligibility score is above apredetermined threshold: determining that the customer is eligible forthe first one of the financial products; and providing, via theinterface, an indication of eligibility.
 32. The system of claim 31, theoperations further comprising: determining that a second quotation,requested prior to the first quotation request, has been performed forthe customer within a predetermined time frame; when the secondquotation request has been performed for the customer within thepredetermined time frame: obtaining a second eligibility score, thesecond eligibility score being associated with the second quotationrequest; using the second eligibility score as the first eligibilityscore to determine whether the customer is eligible for the first one ofthe financial products.
 33. The system of claim 31, wherein: the firstquotation request comprises customer-identifying information; and theoperations further comprise parsing the customer-identifying informationusing a text-mining algorithm.
 34. The system of claim 33, theoperations further comprising: aggregating the customer-identifyinginformation and the data related to the quotation request to form firstaggregated data; and wherein the eligibility score is based on the firstaggregated data and the selected eligibility model.
 35. The systemaccording to claim 31, wherein: the credit bureau service is selectedfrom a plurality of credit bureau services, the selecting being based onat least one of: response speeds of the credit bureau services, orlevels of credit information of the credit bureau services.
 36. Thesystem according to claim 31, the operations further comprising:acquiring account data relating to one or more financial serviceaccounts held by the customer.
 37. The system according to claim 37, theoperations further comprising: aggregating the account data and thecustomer data to form second aggregated data; and wherein theeligibility score is based on the second aggregated data and theselected eligibility model.
 38. The system according to claim 31, theoperations further comprising: acquiring risk information related to alevel of risk associated with the customer.
 39. The system according toclaim 39, the operations further comprising: aggregate the riskinformation and the customer data to form third aggregated data; whereinthe eligibility score is based on the third aggregated data and theselected eligibility model.
 40. A non-transitory computer readablemedium storing instructions, which when executed, cause at least oneprocessor to perform operations for quoting a customer's eligibility fora financial product, the operations comprising: providing an interfacefor the customer to request a first quotation for a plurality offinancial products; receiving a first quotation request via theinterface; determining whether a second quotation, requested prior tothe first quotation request, has been performed for the customer withina predetermined time frame; when the second quotation request has beenperformed for the customer within the predetermined time frame:obtaining a first eligibility associated with the second quotationrequest; when the eligibility score is above a predetermined threshold:concluding that the customer is eligible for a first one of thefinancial products; when the eligibility score is not above apredetermined threshold: indicating that the customer is not eligiblefor the first one of the financial products; when a second quotationrequest has not been performed for the customer within the predeterminedtime frame: obtaining customer data related to the first quotationrequest, the customer data comprising information of the customerreceived from a credit bureau service; selecting one of a plurality ofeligibility models, the eligibility models corresponding to thefinancial products; determining a second eligibility score based on thecustomer data and the selected eligibility model, the second eligibilityscore indicating a likelihood of being approved for the first financialproduct; and when the eligibility score is above a predeterminedthreshold: indicating that the customer is eligible for the first one ofthe financial products.